CANADIAN YOUTH BUSINESS FOUNDATION LAUNCHES CYBF NEWCOMER ENTREPRENEUR PROGRAM


Program helps new Canadians start businesses and navigate challenges of entrepreneurship

Toronto, ON – October 25, 2010 – The Canadian Youth Business Foundation (CYBF) announced today the launch of the CYBF Newcomer Entrepreneur Program. This specialized program is designed to help newcomers to Canada, aged 18 to 34, start a business and make a smooth transition into the Canadian entrepreneurial community.

A recent report indicated that immigrants are 30 per cent more likely to start a business or become self-employed than Canadian born people1. However, when starting businesses in Canada, newcomers face language and cultural barriers, have difficulties obtaining loans due to a lack of a Canadian credit history and are often unfamiliar with Canadian business customs. CYBF has created this program to address these issues.

“As Canada?s Entrepreneur Gateway, CYBF is excited to introduce this unique program that addresses the challenges newcomers face when starting their businesses and provides the necessary support system to build successful start-ups,” says Vivian Prokop, chief executive officer, CYBF. “These young Canadians are a strong representation of Canada?s multicultural landscape and are key to the country?s economic recovery.”

The CYBF Newcomer Entrepreneur Program provides many solutions to the commonly experienced obstacles faced by newcomers who want to start a business. The program offers flexible loan assessments and hand-matches the entrepreneurs with a business mentor who will provide invaluable insight into running a business in Canada.

To qualify for the CYBF Newcomer Entrepreneur Program, applicants must meet specific criteria. Additional information on the program can be reviewed at www.cybf.ca/entrepreneurs/newcomer.

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